CRCT: 3QFY11 DPU of $0.0212 per unit declared. Co’s rev at $33.8m +13.7% yoy +19.0% qoq with net profit $10.8m -7.5% yoy -80.0% qoq (prev quarter revaluation gain of $56.6m). Contribution improved yoy due to mall Minzhongleyuan and rental growth in Xizhimen and Wangjing malls. NPI grew by 13.4% yoy but declined 1.4% qoq on the back of seasonally higher expenses. Co is of view China’s economic fundamentals will remain strong and is positive on prospects.
JPM retains Neutral with TP cut from $1.30 to $1.20. CRCT’s portfolio of malls are stabilizing with rental reversions at 12% vs preceding rents and believes it will move towards a matured one with reversion in range of 10-15%.
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